So Robert Sheer, here:
It wasn’t Stockman who wrecked the economy. It was Bill Clinton who deregulated the too-big-to-fail banks, and it was George W. Bush and Barack Obama who bailed them out. But even Paul Krugman, who knows how bad things are and yet manages to be charitable in appraisals of his Princeton colleague Ben Bernanke, dismisses Stockman’s critique as “cranky old man stuff. ...” ...
Herein is a lesson that the bankers should have been taught back during the Clinton presidency when, as Stockman writes, the principle of a bailout for Wall Street’s hustlers “was reinforced by the Fed’s unforgivable 1998 bailout of the hedge fund Long-Term Capital Management.”
That fiasco’s enablers—Alan Greenspan, Robert Rubin and Lawrence Summers—and the more disastrous ones to follow were crowned “The Committee to Save the World” on Time magazine’s Feb. 15, 1999, cover and are still welcomed in those polite circles where truth-teller Stockman is being treated as a pariah.
